DOCSLIB.ORG

Net Zero Momentum Tracker Property Sector (September 2019)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Net Zero Momentum Tracker Property Sector (September 2019) NET ZERO MOMENTUM TRACKER PROPERTY SECTOR SEPTEMBER 2019 WWW.NETZEROTRACKER.ORG SEPTEMBER 2019 1 WWW.NETZEROTRACKER.ORG The Property Sector report is the first in a series of Net Zero Momentum Tracker assessments that Australia’s focus on key sectors of the Australian economy. The Net Zero Momentum Tracker is an initiative that demonstrates progress towards net zero property sector greenhouse gas emissions in Australia. It brings together and evaluates climate action commitments made by Australian businesses, governments and is moving other organisations. Achieving net zero emissions prior to 2050 is a key element of the Paris Climate Agreement to limit global towards net temperature rise to well below 2 degrees Celsius above pre-industrial levels and to strive for 1.5 degrees1. zero emissions This report examines influential companies within the Australian property sector and those with the highest reported emissions. It includes the property companies listed in the ASX200 and those required to report their emissions under the National Greenhouse and Energy Reporting Act 2007 (NGER Act)i. Our analysis finds 43% of these companies have a net zero target or aspiration, of which: + 29% have pledged to achieve net zero emissions by 2050 for their owned and managed assets. These companies represent 36% of total ASX200 property sector market capitalisationii. + 14% have made climate commitments that align with a pathway to achieve net zero emissions by 2050 but have not yet explicitly pledged to achieve this goal. There remains significant opportunity in the property sector for companies to strengthen their commitments to align with net zero emissions by 2050. None of the property companies examined have targets that address all of their emissions, and 9.5% have not announced any emissions reduction commitments or activities. i The criteria which determine which facilities and corporations are required to submit emissions and energy reports under the NGER Act are outlined at http://www.cleanenergyregulator.gov.au/NGER/Reporting-cycle/Assess-your-obligations/Reporting-thresholds. ii The ASX200 consists of the 200 largest public companies by market capitalisation listed on the Australian Securities Exchange (ASX). Market capitalisation is a measure of a publicly listed company’s value, calculated by multiplying the number of shares held by the company’s investors by the current share price. 2 PROPERTY SECTOR NET ZERO MOMENTUM TRACKER MOMENTUM TOWARDS NET ZERO IN AUSTRALIA’S PROPERTY SECTOR WE LOOKED AT THE + Largest property companies + Biggest property sector by market capitalisation greenhouse gas emitters AND FOUND: 43% % % of companies have a target, aspiration, or 29 14 are on a path closely aligned with net zero Closely aligned to Aligned aspiration/ greenhouse gas emissions before 2050. net zero target pathway 47.5% of companies are taking steps to 38% 9.5% reduce greenhouse gas emissions. Not aligned Partially aligned net zero target 9.5% of companies have not announced any emissions reduction commitments or activities. 0% of companies have a net zero before 2050 pledge or target that includes all emissions the organisation is accountable for. SEPTEMBER 2019 3 WWW.NETZEROTRACKER.ORG SECTOR INFLUENCE The property sector has an important influence on Australia’s economy and emissions Property is a key component of Australia’s economy. Although this sector’s emissions represent a small The property sector is the fifth largest in the ASX200 proportion of Australia’s national emissions3, the in terms of market capitalisation. Property market property sector’s influence on Australia’s overall performance impacts Australia’s financial stability. energy use and emissions is more extensive. This is This is because changes in property prices influence: because the sector consists of organisations which the proportion of household income available for construct, own, manage and invest in residential, social consumer spending; the ability of households and and commercial buildings and infrastructure. Buildings business owners to secure loans; and the amount of consume over half of Australia’s electricity, and are a building activity that takes place2. key driver of peak demand across the electricity grid. Almost a quarter of Australia’s national emissions stem Property companies reporting under the NGER Act from the operation of buildings4. collectively reported emissions of 1.5 million tonnes iii of carbon dioxide (MtCO2e) in 2017/18 . GLOBAL CONTEXT Australian companies are world leaders in property sector sustainability Australian property companies are viewed as global Property organisations can derive considerable benefit leaders on climate action within their sector5. Over by reducing emissions from the development and one-third of companies signed up to the World Green operation of assets in their real estate portfolios. Building Council’s Global Net Zero Carbon Buildings Improving the energy performance of buildings commitment are Australian owned, or have based a reduces operating costs. Sustainably constructing and large proportion of their operations in Australia6. retrofitting buildings improves health, resilience and productivity outcomes for households and businesses. This reflects a global trend where the property sector is taking steps to reduce its emissions. This also limits the property sector’s exposure to In the 2019 Forbes list of the world’s largest real escalating risks due to climate change impacts, such as estate companies7, three of the top ten (AvalonBay more frequent and/or more severe extreme weather Communities, Gecina and Prologis) have set events4. Increased demand for sustainable buildings targets for net zero emissions by 20508. has driven comparatively higher sales prices, rents and occupancy rates9. iii The emissions data used to calculate this figure is detailed in the Appendix. 4 PROPERTY SECTOR NET ZERO MOMENTUM TRACKER PLEDGE PLATFORMS Climate action initiatives that have been embraced by Australian property companies include: + The Science Based Targets Initiative (SBTi), which is a collaboration between CDP (formerly the Carbon Disclosure Project), the UN Global Compact, the World Resources Institute and the World Wide Fund for Nature. The SBTi Initiative considers targets to be science based if commitments are consistent with limiting global temperature rise to well below 2 degrees Celsius or 1.5 degrees Celsius above pre-industrial levels. SBTi’s goal is for target setting based on this definition to be standard business practice by 2020. Two of Australia’s leading real estate organisations have achieved certification from SBTi: Dexus, with an Australian property portfolio valued at $28.9 billion, and Investa, who own and manage an Australian commercial real estate portfolio valued at more than $10 billion. + The We Mean Business coalition’s RE100, EP100 and EV100 initiatives, which aim to encourage corporations to switch to 100% renewable electricity (RE100), optimise their energy productivity (EP100) and accelerate the transition to electric transport (EV100). The Australian real estate organisations Dexus, GPT Group and Stockland have become EP100 members through their commitment to operate buildings they own, occupy or develop at net zero carbon by 2030. + The World Green Building Council’s Net Zero Carbon Buildings Commitment requires signatories to commit to net zero carbon operating emissions within their portfolios by 2030, and to advocate for all buildings to be net zero in operation by 2050. This commitment is one of three pathways available to join EP100. Dexus, GPT Group and Stockland are signatories to this commitment. SEPTEMBER 2019 5 WWW.NETZEROTRACKER.ORG ANALYSIS Australian property sector climate commitments Net Zero Momentum Tracker assessed the pledges, + Two companies (9.5%) have a net zero by commitments and activities of twenty one Australian 2050 emissions target but it excludes a sizable property companies to evaluate if they are aligned component of the organisation’s activities. with achieving net zero emissions before 2050. + Eight companies (38%) have made a commitment, The analysis included all property companies listed pledge or are undertaking activities that will in the ASX200 and those required to report their reduce their emissions, but are not aligned with a emissions under the NGER Act. Table 1 shows an pathway to net zero emissions before 2050, or the assessment of each company’s net zero ambition. alignment is unclear due to insufficient information. Table 2 evaluates supporting emissions reduction activities. Supplementary detail for both Tables 1 + Two companies (9.5%) have no apparent emissions and 2 is provided in the appendix. reduction commitments and have not reported any emissions reduction activities. Our analysis shows nineteen companies (90% of those examined) have an emissions reduction target, None of the companies considered have a have made more general commitments, or are comprehensive target or are conducting activities to undertaking initiatives that will reduce their address all of the emissions they could reduce or offset. greenhouse gas emissions. Some commitments specifically exclude emissions from sources not directly controlled by property Of the twenty one assessed: companies (such as tenant energy consumption, water + Six companies (29%) have committed to an usage, waste, materials, services and investments). emissions reduction target that is aligned with Others exclude emissions from co-owned assets. achieving net zero
Load more

Recommended publications
  • 2016 ANNUAL FINANCIAL REPORT Contents
    2016 ANNUAL FINANCIAL REPORT Contents Annual Financial Report of The GPT Group 1 Annual Financial Report of GPT Management Holdings Limited and its Controlled Entities 71 Supplementary Information 130 Corporate Directory 132 Corporate Governance The GPT Group (GPT or the Group) comprises GPT Management Holdings Limited (ACN 113 510 188) (GPTMHL) and General Property Trust (Trust). GPT RE Limited (ACN 107 426 504) (GPTRE) AFSL (286511) is the Responsible Entity of the Trust. GPT’s stapled securities are listed on the Australian Securities Exchange (ASX). The third edition of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (Principles) provides a framework for good corporate governance for listed entities. GPT’s Corporate Governance Statement sets out how the Group has complied with the Principles. The Group’s Corporate Governance Statement is available on GPT’s website at: www.gpt.com.au/About-GPT/Corporate-Governance/Principles-and-Policies. GPT has also lodged an Appendix 4G (Key to Disclosures – Corporate Governance Principles and Recommendations) with the ASX. Annual Financial Report of The GPT Group Year ended 31 December 2016 Contents Directors’ Report ............................................................................................................................................................................ 2 Auditor’s Independence Declaration ...........................................................................................................................................
    [Show full text]
  • Socially Conscious Australian Equity Holdings
    Socially Conscious Australian Equity Holdings As at 30 June 2021 Country of Company domicile Weight COMMONWEALTH BANK OF AUSTRALIA AUSTRALIA 10.56% CSL LTD AUSTRALIA 8.46% AUST AND NZ BANKING GROUP AUSTRALIA 5.68% NATIONAL AUSTRALIA BANK LTD AUSTRALIA 5.32% WESTPAC BANKING CORP AUSTRALIA 5.08% TELSTRA CORP LTD AUSTRALIA 3.31% WOOLWORTHS GROUP LTD AUSTRALIA 2.93% FORTESCUE METALS GROUP LTD AUSTRALIA 2.80% TRANSURBAN GROUP AUSTRALIA 2.55% GOODMAN GROUP AUSTRALIA 2.34% WESFARMERS LTD AUSTRALIA 2.29% BRAMBLES LTD AUSTRALIA 1.85% COLES GROUP LTD AUSTRALIA 1.80% SUNCORP GROUP LTD AUSTRALIA 1.62% MACQUARIE GROUP LTD AUSTRALIA 1.54% JAMES HARDIE INDUSTRIES IRELAND 1.51% NEWCREST MINING LTD AUSTRALIA 1.45% SONIC HEALTHCARE LTD AUSTRALIA 1.44% MIRVAC GROUP AUSTRALIA 1.43% MAGELLAN FINANCIAL GROUP LTD AUSTRALIA 1.13% STOCKLAND AUSTRALIA 1.11% DEXUS AUSTRALIA 1.11% COMPUTERSHARE LTD AUSTRALIA 1.09% AMCOR PLC AUSTRALIA 1.02% ILUKA RESOURCES LTD AUSTRALIA 1.01% XERO LTD NEW ZEALAND 0.97% WISETECH GLOBAL LTD AUSTRALIA 0.92% SEEK LTD AUSTRALIA 0.88% SYDNEY AIRPORT AUSTRALIA 0.83% NINE ENTERTAINMENT CO HOLDINGS LIMITED AUSTRALIA 0.82% EAGERS AUTOMOTIVE LTD AUSTRALIA 0.82% RELIANCE WORLDWIDE CORP LTD UNITED STATES 0.80% SANDFIRE RESOURCES LTD AUSTRALIA 0.79% AFTERPAY LTD AUSTRALIA 0.79% CHARTER HALL GROUP AUSTRALIA 0.79% SCENTRE GROUP AUSTRALIA 0.79% ORORA LTD AUSTRALIA 0.75% ANSELL LTD AUSTRALIA 0.75% OZ MINERALS LTD AUSTRALIA 0.74% IGO LTD AUSTRALIA 0.71% GPT GROUP AUSTRALIA 0.69% Issued by Aware Super Pty Ltd (ABN 11 118 202 672, AFSL 293340) the trustee of Aware Super (ABN 53 226 460 365).
    [Show full text]
  • Westpac Online Investment Loan Acceptable Securities List - Effective 3 September2021
    Westpac Online Investment Loan Acceptable Securities List - Effective 3 September2021 ASX listed securities ASX Code Security Name LVR ASX Code Security Name LVR A2M The a2 Milk Company Limited 50% CIN Carlton Investments Limited 60% ABC Adelaide Brighton Limited 60% CIP Centuria Industrial REIT 50% ABP Abacus Property Group 60% CKF Collins Foods Limited 50% ADI APN Industria REIT 40% CL1 Class Limited 45% AEF Australian Ethical Investment Limited 40% CLW Charter Hall Long Wale Reit 60% AFG Australian Finance Group Limited 40% CMW Cromwell Group 60% AFI Australian Foundation Investment Co. Ltd 75% CNI Centuria Capital Group 50% AGG AngloGold Ashanti Limited 50% CNU Chorus Limited 60% AGL AGL Energy Limited 75% COF Centuria Office REIT 50% AIA Auckland International Airport Limited 60% COH Cochlear Limited 65% ALD Ampol Limited 70% COL Coles Group Limited 75% ALI Argo Global Listed Infrastructure Limited 60% CPU Computershare Limited 70% ALL Aristocrat Leisure Limited 60% CQE Charter Hall Education Trust 50% ALQ Als Limited 65% CQR Charter Hall Retail Reit 60% ALU Altium Limited 50% CSL CSL Limited 75% ALX Atlas Arteria 60% CSR CSR Limited 60% AMC Amcor Limited 75% CTD Corporate Travel Management Limited ** 40% AMH Amcil Limited 50% CUV Clinuvel Pharmaceuticals Limited 40% AMI Aurelia Metals Limited 35% CWN Crown Limited 60% AMP AMP Limited 60% CWNHB Crown Resorts Ltd Subordinated Notes II 60% AMPPA AMP Limited Cap Note Deferred Settlement 60% CWP Cedar Woods Properties Limited 45% AMPPB AMP Limited Capital Notes 2 60% CWY Cleanaway Waste
    [Show full text]
  • 2021 Annual Report Dexus Releases Its 2021 Annual Report, Which Will Be Mailed to Security Holders Who Have Elected to Receive a Hard Copy in Mid-September 2021
    Dexus (ASX: DXS) ASX release 17 August 2021 2021 Annual Report Dexus releases its 2021 Annual Report, which will be mailed to Security holders who have elected to receive a hard copy in mid-September 2021. Authorised by the Board of Dexus Funds Management Limited For further information please contact: Investors Media Rowena Causley Louise Murray Senior Manager, Investor Relations Senior Manager, Corporate Communications +61 2 9017 1390 +61 2 9017 1446 +61 416 122 383 +61 403 260 754 [email protected] [email protected] About Dexus Dexus (ASX: DXS) is one of Australia’s leading fully integrated real estate groups, managing a high-quality Australian property portfolio valued at $42.5 billion. We believe that the strength and quality of our relationships will always be central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $17.5 billion of office, industrial and healthcare properties, and investments. We manage a further $25.0 billion of office, retail, industrial and healthcare properties for third party clients. The group’s $14.6 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. Sustainability is integrated across our business, and our sustainability approach is the lens we use to manage emerging ESG risks and opportunities for all our stakeholders. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange and is supported by more than 30,000 investors from 23 countries. With over 35 years of expertise in property investment, funds management, asset management and development, we have a proven track record in capital and risk management and delivering superior risk-adjusted returns for investors.
    [Show full text]
  • ESG Reporting by the ASX200
    Australian Council of Superannuation Investors ESG Reporting by the ASX200 August 2019 ABOUT ACSI Established in 2001, the Australian Council of Superannuation Investors (ACSI) provides a strong, collective voice on environmental, social and governance (ESG) issues on behalf of our members. Our members include 38 Australian and international We undertake a year-round program of research, asset owners and institutional investors. Collectively, they engagement, advocacy and voting advice. These activities manage over $2.2 trillion in assets and own on average 10 provide a solid basis for our members to exercise their per cent of every ASX200 company. ownership rights. Our members believe that ESG risks and opportunities have We also offer additional consulting services a material impact on investment outcomes. As fiduciary including: ESG and related policy development; analysis investors, they have a responsibility to act to enhance the of service providers, fund managers and ESG data; and long-term value of the savings entrusted to them. disclosure advice. Through ACSI, our members collaborate to achieve genuine, measurable and permanent improvements in the ESG practices and performance of the companies they invest in. 6 INTERNATIONAL MEMBERS 32 AUSTRALIAN MEMBERS MANAGING $2.2 TRILLION IN ASSETS 2 ESG REPORTING BY THE ASX200: AUGUST 2019 FOREWORD We are currently operating in a low-trust environment Yet, safety data is material to our members. In 2018, 22 – for organisations generally but especially businesses. people from 13 ASX200 companies died in their workplaces. Transparency and accountability are crucial to rebuilding A majority of these involved contractors, suggesting that this trust deficit. workplace health and safety standards are not uniformly applied.
    [Show full text]
  • Business Leadership: the Catalyst for Accelerating Change
    BUSINESS LEADERSHIP: THE CATALYST FOR ACCELERATING CHANGE Follow us on twitter @30pctAustralia OUR OBJECTIVE is to achieve 30% of ASX 200 seats held by women by end 2018. Gender balance on boards does achieve better outcomes. GREATER DIVERSITY ON BOARDS IS VITAL TO THE GOOD GOVERNANCE OF AUSTRALIAN BUSINESSES. FROM THE PERSPECTIVE OF PERFORMANCE AS WELL AS EQUITY THE CASE IS CLEAR. AUSTRALIA HAS MORE THAN ENOUGH CAPABLE WOMEN TO EXCEED THE 30% TARGET. IF YOUR BOARD IS NOT INVESTING IN THE CAPABILITY THAT DIVERSITY BRINGS, IT’S NOW A MARKED DEPARTURE FROM THE WHAT THE INVESTOR AND BROADER COMMUNITY EXPECT. Angus Armour FAICD, Managing Director & Chief Executive Officer, Australian Institute of Company Directors BY BRINGING TOGETHER INFLUENTIAL COMPANY CHAIRS, DIRECTORS, INVESTORS, HEAD HUNTERS AND CEOs, WE WANT TO DRIVE A BUSINESS-LED APPROACH TO INCREASING GENDER BALANCE THAT CHANGES THE WAY “COMPANIES APPROACH DIVERSITY ISSUES. Patricia Cross, Australian Chair 30% Club WHO WE ARE LEADERS LEADING BY EXAMPLE We are a group of chairs, directors and business leaders taking action to increase gender diversity on Australian boards. The Australian chapter launched in May 2015 with a goal of achieving 30% women on ASX 200 boards by the end of 2018. AUSTRALIAN 30% CLUB MEMBERS Andrew Forrest Fortescue Metals Douglas McTaggart Spark Group Ltd Infrastructure Trust Samuel Weiss Altium Ltd Kenneth MacKenzie BHP Billiton Ltd John Mulcahy Mirvac Ltd Stephen Johns Brambles Ltd Mark Johnson G8 Education Ltd John Shine CSL Ltd Paul Brasher Incitec Pivot
    [Show full text]
  • Dow Jones Sustainability Australia Index
    Effective as of 23 November 2020 Dow Jones Sustainability Australia Index Company Country Industry Group Comment Australia and New Zealand Banking Group Limited Australia Banks National Australia Bank Limited Australia Banks Westpac Banking Corporation Australia Banks CIMIC Group Limited Australia Capital Goods Brambles Limited Australia Commercial & Professional Services Downer EDI Limited Australia Commercial & Professional Services Tabcorp Holdings Limited Australia Consumer Services The Star Entertainment Group Limited Australia Consumer Services Janus Henderson Group plc United Kingdom Diversified Financials Oil Search Limited Papua New Guinea Energy Woodside Petroleum Ltd Australia Energy Coles Group Limited Australia Food & Staples Retailing Fisher & Paykel Healthcare Corporation Limited New Zealand Health Care Equipment & Services Asaleo Care Limited Australia Household & Personal Products Insurance Australia Group Limited Australia Insurance QBE Insurance Group Limited Australia Insurance Suncorp Group Limited Australia Insurance Addition Amcor plc Switzerland Materials Addition BHP Group Australia Materials Boral Limited Australia Materials Evolution Mining Limited Australia Materials Fletcher Building Limited New Zealand Materials Fortescue Metals Group Limited Australia Materials IGO Limited Australia Materials Iluka Resources Limited Australia Materials Incitec Pivot Limited Australia Materials Newcrest Mining Limited Australia Materials Orocobre Limited Australia Materials Rio Tinto Ltd Australia Materials South32 Limited
    [Show full text]
  • 2018 Interim Result
    INTERIM RESULT 2018 SECTION SPEAKER AGENDA 2018 Interim Result Highlights Bob Johnston Financial Summary & Capital Management Anastasia Clarke Retail Vanessa Orth Office & Logistics Matthew Faddy Funds Management Nicholas Harris Summary & Outlook Bob Johnston INTERIM RESULT 2018 RESULTS PRESENTATION 3 2018 Interim Result Financial Highlights 2018 Interim Result Financial Highlights Our Vision To be the most respected property company in Australia 3.2% 2.5% in the eyes of our Investors, People, Customers and FFO GROWTH DISTRIBUTION GROWTH Communities PER SECURITY PER SECURITY % Our Purpose $5.31 13.9 To create value by delivering superior returns to NTA PER TOTAL RETURN Investors, and by providing environments that enable our SECURITY (12 MONTHS) People to excel and Customers and Communities to prosper The GPT Group 2018 Interim Result 3 Progress on Strategic Priorities Progress on Strategic Priorities Investment Portfolio Balance Sheet & Capital Management + Portfolio occupancy of 97.4% + Net Gearing at 24.7% + Like for Like income growth 3.9% + Interest rate hedging at 79% + Revaluation gains of $457 million + Credit ratings A / A2 + Weighted Average Cap Rate 5.14% + Weighted average debt maturity of 6.6 years + Total Portfolio Return of 11.5% Development Pipeline Funds Management + Sunshine Plaza 75% leased + Assets Under Management of $12.4 billion + 32 Smith Street terms agreed for 51% of NLA + 12 month total return of 13.5% + Logistics developments underway and on-track + Market leading wholesale platform + Rouse Hill Town Centre
    [Show full text]
  • 2012 DEXUS ANNUAL Report
    2012 DEXUS ANNUAL REPORT DEXUS DIVERSIFIED TRUST (ARSN 089 324 541) Letter frOM THE CHAir 1 FIVE YEAR FINANCIAL SUMMAry 3 BOArd OF DirectOrs 4 CORPORAte GOvernAnce stAteMent 6 FinAnciAL REPORT DIRECTORS’ REPORT 14 AUDITOr’S IndePendenCE DEClaRATIOn 38 CONSOLIDATED STATEMenT OF COMPREHensIVE InCOME 39 CONSOLIDATED STATEMenT OF FInanCIal POSITIOn 40 CONSOLIDATED STATEMenT OF CHanGes IN EQUITY 41 CONSOLIDATED STATEMenT OF CasH FlOWS 42 NOTes TO THE FInanCIal STATEMenTs 43 DIRECTORS’ DEClaRATIOn 89 IndePendenT AUDITOr’S RePORT 90 AdditiONAL InfORMATION 92 InvestOR InfORMAtiON 94 DirectOry 96 2012 Annual Reporting suite DEXUS Property Group (DXS) presents our 2012 annual reporting suite and supporting material for the year ending 30 June 2012: 1. The 2012 DEXUS Annual Review – an integrated report summarising our financial, operational and Corporate Responsibility and Sustainability (CR&S) performance. 2. This 2012 DEXUS Annual Report – DXS’s consolidated financial statements, Corporate Governance Statement and information about our Board of Directors. This document should be read in conjunction with the 2012 DEXUS Annual Review. 3. The 2012 DEXUS Combined Financial Statements – the Financial Statements of DEXUS Industrial Trust, DEXUS Office Trust and DEXUS Operations Trust. This document should be read in conjunction with the 2012 DEXUS Annual Report and Annual Review. It is available in hard copy on request by email at [email protected], phone on 1800 819 675 or online in our annual reporting suite at www.dexus.com/dxs/reports 4. The 2012 DEXUS Performance Pack – the data and information supporting the results outlined in the 2012 DEXUS Annual Review will be available in our online annual reporting suite from mid-October 2012.
    [Show full text]
  • Directors' Report
    General Property Trust ABN: 58 071 755 609 Annual Financial Report 31 December 2009 The GPT Group (GPT) comprises General Property Trust (Trust) and its controlled entities and GPT Management Holdings Limited (Company) and its controlled entities. General Property Trust is a registered scheme, registered and domiciled in Australia. GPT RE Limited is the Responsible Entity of General Property Trust. GPT Management Holdings Limited is a company limited by shares, incorporated and domiciled in Australia. GPT RE Limited is a wholly owned controlled entity of GPT Management Holdings Limited. Through our internet site, we have ensured that our corporate reporting is timely, complete and available globally at minimum cost to the Trust. All press releases, financial reports and other information are available on our website: www.gpt.com.au. 1 CONTENTS Page 3 Directors’ Report Auditors’ Independence Declaration 31 Financial Report Consolidated Statements of Comprehensive Income 32 Consolidated Statements of Financial Position 33 Consolidated Statements of Changes in Equity 34 Consolidated Statements of Cash Flow 35 Notes to the Financial Statements 1. Summary of significant accounting policies 36 2. Segment reporting 46 3. Distributions paid and payable 56 4. Earnings per stapled security 57 5. Expenses 58 6. Tax 59 7. Non-current assets held for sale, discontinued operations and other disposals 60 8. Loans and receivables 66 9. Inventories 67 10. Derivative financial instruments 67 11. Investment properties 68 12. Investments in associates and joint ventures 71 13. Other assets 73 14. Property, plant & equipment 74 15. Intangible assets 75 16. Payables 76 17. Borrowings 76 18. Provisions 79 19.
    [Show full text]
  • 2019 Annual Report
    Discover more Annual Report 2019 Join us as we discover Inside how Vicinity Centres creates market-leading 01 Highlights 42 Our Board 02 Our Value Chain 45 Our Executive Committee destinations. 04 Market-Leading Destinations 48 Tax Transparency 06 Chairman’s Review 52 Sustainability Assurance Destinations that 08 CEO and Managing Statement enhance communities Director’s Review 53 Financial Report 12 Our Operating and 54 Director’s Report and offer so much more Financial Review 58 Remuneration Report than an exceptional 29 Our Portfolio 80 Financial Statements 34 Integrated Energy Platform 122 Independent Auditor’s retail experience. 36 Our Communities Report 38 Our Data and Analytics 128 Summary of Securityholders 40 Our People 129 Corporate Directory About this report This annual report discloses Vicinity’s financial and non- environmentally responsible paper manufactured under This annual report is a summary of Vicinity Centres’ operations, financial performance for FY19 and has been prepared using IAO 14001 environmental standards. activities and financial position as at 30 June 2019. In this elements of the International Integrated Reporting Council The following symbols are used in this report to cross-refer report references to ‘Vicinity’, ‘Group’, ‘we’, ‘us’ and ‘our’ refer (IIRC) Integrated Reporting <IR> framework. More information, to more information on a topic: to Vicinity Centres unless otherwise stated. particularly latest company announcements and detailed sustainability reporting, can be found on Vicinity’s website. References in this report to a ‘year’ and ‘FY19’ refer to the References additional information within financial year ended 30 June 2019 unless otherwise stated. Vicinity is committed to reducing the environmental footprint this Annual Report All dollar figures are expressed in Australian dollars (AUD) associated with the production of the annual report and unless otherwise stated.
    [Show full text]
  • Lazard Australian Equity Team Quarterly Letter
    Lazard Australian Equity Team – Quarterly Letter AUG Letter from the Manager 2021 The Australian Equity Team’s quarterly letter discusses Exhibit 1 the biggest issues we are seeing in investment markets Value Factor Returns Relative to Index today. This quarter’s letter looks at: ASX S&P500 1. Performance over the full financial year 2020/21, Q3 2020 -3.2% -2.0% 2. How our portfolios are now positioned, and Q4 2020 9.3% 9.3% 3. The modern slavery issues at Ansell. Q1 2021 -2.2% 10.8% 1. Financial Year Review Q2 2021 -2.7% -3.4% The financial year ended June 2021 has been one of Total f21 0.6% 14.7% most frustrating and disappointing for us since the YTD 2021 -4.9% 7.1% year ended June 2008. As of 30 June 2021. Frustrating, as the sharp rotation towards value in Table 1: Equal-weighted value factor returns over f21, from UBS, Goldman Sachs and Macquarie Bank. the weeks following the 9 November 2021 vaccine Each quarter is the average returns from these different sources. announcement by BioNTech and Pfizer was not sustained into the second half of the financial year in Australia, despite rapid upward earnings revisions for Disappointing, as some of our international cyclical holdings did value stocks (including many of our holdings) and the not perform as well as many domestic cyclicals over financial year much larger and sustained value performance in the 2021. This was most disappointingly for our energy holdings. US. Rapidly recovering energy prices drove S&P500 Energy Index One value sector for which prices recovered were the returns to over 42% over just the first six months of 2021, making banks, which helped the MSCI Australia Value index this the best performing GICS sector in the US (and globally) by a over the financial year 2021—just the four major large margin.
    [Show full text]